LG Electronics India

LG Electronics India won a favourable order from the Income Tax Appellate Tribunal in Delhi, which deleted aggregate tax additions of roughly ₹1,305 crores across five financial years ranging from 2014-15 to 2021-22. The order covered transfer pricing and corporate income tax appeals. The transfer pricing additions were set aside after the tribunal accepted the Advance Pricing Agreement the company signed and reported in January 2026, while the corporate tax additions were deleted on their merits, following earlier favourable tribunal rulings on the same issues. Contingent liabilities from tax disputes stood at ₹2,799 crores as of the fiscal 2026 annual report, with the APA having already erased ₹488 crores of potential exposure in the second quarter of that year. The current order reduces that contingent book further and removes a long-running overhang on earnings. The Income Tax Department may still appeal the corporate tax portion of the order to the High Court, though the transfer pricing settlement is expected to be final.

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July 30 (Reuters) - LG Electronics India Ltd LGEL.NS:

• APPELLATE TRIBUNAL DELETES TAX ADDITIONS OF 13.05 BILLION RUPEES

Source text: ID:nNSE3prCCW

Further company coverage: LGEL.NS

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Corrects bids received from institutional buyers to $25 billion from $2.5 billion in paragraph 5

By Vivek Kumar M

July 16 (Reuters) - India's SBI Funds Management drew bids worth 3 trillion Indian rupees ($31.14 billion), making the asset manager's $1.03 billion initial public offering (IPO) the country's fourth-most-subscribed issue.

The subscription numbers include $278.5 million raised from anchor investors, including BlackRock and sovereign wealth funds from Singapore, Abu Dhabi, and Norway.

The IPO, which closed on Thursday, marked a strong comeback for India's primary market after a subdued first half of the year. India is expected to see a busy pipeline of public offerings in the second half of the year, with mega listings from Reliance Jio and National Stock Exchange expected before the end of 2026.

SBI Funds Management, a joint venture between the country's largest lender State Bank of India (SBI) SBI.NS and Europe's biggest asset manager Amundi AMUN.PA, is India's largest asset manager, overseeing funds worth 12.5 trillion rupees ($131 billion) as of March 2026.

The demand for SBI Funds Management's shares was led by institutional investors, who bid for $25 billion worth of shares, 140 times the number of shares on offer for them, exchange data showed.

The portion set aside for retail investors and SBI's shareholders was subscribed 3.6 times and 9.5 times, respectively.

The stock is expected to begin trading on July 21.

SBI Funds' IPO stands behind public offerings of Reliance Power RPOL.NS, LG Electronics India LGEL.NS, and Bajaj Housing Finance BAJO.NS, in terms of quantum of bids received, data from PRIME Database showed.

The asset manager is well placed to capitalise on its market leadership, strong distribution network and robust profitability, analysts at Aditya Birla Money said in a note dated July 14.

So far this year, India has seen IPOs worth nearly $4 billion, sharply below last year's $21.8 billion. However, the activity is expected to pick up in the second half of 2026, with 251 companies planning to raise 4.93 trillion rupees ($51.7 billion) in the pipeline, as per PRIME Database.

"Heavy bidding (for SBI Funds IPO) signals that investors are willing to commit fresh capital to quality franchises, which can help revive sentiment for the upcoming (IPO) pipeline," said Dhiraj Relli, managing director and chief executive officer at HDFC Securities.

($1 = 96.3450 Indian rupees)

(Reporting by Vivek Kumar M; Editing by Alexandra Hudson)

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July 2 (Reuters) - LG Electronics India Ltd LGEL.NS:

• TAX ORDER, PENALTY OF 1.17 BILLION RUPEES DROPPED (NOT RECEIVED)

Further company coverage: LGEL.NS

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Adds details throughout on Jio Platforms

MUMBAI, June 19 (Reuters) - Indian billionaire Mukesh Ambani's Reliance Jio Platforms filed regulatory papers for an IPO on Friday that sources said would raise about $3.8 billion, making it the country's biggest-ever stock offering.

Another IPO that is in the pipeline - by the National Stock Exchange of India - is likely to be worth about $3.3 billion.

Here are the five largest Indian IPOs to date:

HYUNDAI MOTOR INDIA

Hyundai HYUN.NS, the world's third-largest automaker and India's fourth-biggest passenger vehicle maker, raised 278.7 billion rupees ($2.95 billion) in October 2024 in what is currently India's biggest-ever IPO.

The manufacturer's South Korean parent 005380.KS sold a 17.5% stake in a pure offer-for-sale, where existing shareholders sell shares and no new capital is raised. Jio Platforms is expected to use a similar approach, with the company's major investors set to dilute their stakes.

LIFE INSURANCE CORPORATION OF INDIA

The government pocketed roughly 205 billion rupees ($2.17 billion) from selling a 3.5% stake in India's largest insurer and biggest domestic financial investor LIFI.NS, a far cry from its initial target of up to $12 billion.

The shares slid nearly 8% on their debut.

PAYTM

Paytm PAYT.NS, an Indian fintech firm, raised 183 billion rupees in November 2021 in a mix of a fresh share issue and an offer for sale. Ant Group reduced its stake to 23% from 28% and SoftBank's Vision Fund pared its holding to 16%.

Paytm lost more than 27% on its debut, the biggest listing-day drop in Indian IPO history at the time.

TATA CAPITAL

The Tata Group's financial services arm TATC.NS raised 155 billion rupees in October 2025, with Tata Sons and IFC among those selling in the offer for sale component alongside a fresh issue. The IPO was the largest-ever by a non-banking financial company in India. The shares listed at a slight premium of 1.23%.

LG ELECTRONICS INDIA

South Korean parent LG Electronics 066570.KS offloaded a 15% stake in its Indian unit LGEL.NS, a maker of refrigerators, washing machines, air conditioners and televisions, in a pure offer for sale issue, netting 116 billion rupees in October 2025.

The IPO was oversubscribed 54 times - the most heavily subscribed major Indian IPO since Reliance Power's listing in 2008 - attracting bids worth about 4.4 trillion rupees.

LG's shares surged 50% on their first day of trading, valuing the unit higher than its Seoul-based parent.

($1 = 94.3800 Indian rupees)

(Reporting by Vibhuti Sharma and Jayshree P. Upadhyay in Mumbai; Editing by AdityaKate Mayberry and Kevin Buckland)

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Updates to add IPO filing by NSE

MUMBAI, June 18 (Reuters) - The National Stock Exchange of India has filed draft papers for a long-delayed listing that will be one of two mega initial public offerings in the country this year, alongside billionaire Mukesh Ambani's Reliance Jio.

NSE's IPO is likely to be worth $3.3 billion, based on its share price in private markets, and comes after years of regulatory delays. Existing investors will sell 6% of the company's equity as part of the issue, which will be a pure offer-for-sale with no fresh equity being raised.

Ambani's AI-to-telecoms arm Reliance Jio Platforms is also gearing up for a stock offering that will likely be India's biggest ever.

Sources told Reuters in January that the IPO could be worth as much as $4 billion, though final numbers will only be decided later. In November, investment bank Jefferies estimated that Reliance Jio's valuation stood at $180 billion.

Here are the five largest Indian IPOs of all time before NSE and Jio Platforms:

HYUNDAI MOTOR INDIA

Hyundai HYUN.NS, the world's third-largest automaker and India's fourth-biggest passenger vehicle maker, raised 278.7 billion Indian rupees ($2.95 billion) in October 2024 in India's largest-ever IPO.

The manufacturer's South Korean parent 005380.KS sold a 17.5% stake in a pure offer-for-sale, where existing shareholders sell shares and no new capital is raised. Jio Platforms is expected to use a similar approach, with the company's major investors expected to dilute their stakes.

LIFE INSURANCE CORPORATION OF INDIA

The government pocketed roughly 205 billion Indian rupees from selling a 3.5% stake in India's largest insurer and biggest domestic financial investor LIFI.NS, a far cry from its initial target of up to $12 billion.

The shares slid nearly 8% on their debut.

PAYTM

Paytm PAYT.NS, India's fintech firm, raised 183 billion Indian rupees in November 2021 in a mix of a fresh share issue and an offer for sale. Ant Group reduced its stake to 23% from 28% and SoftBank's Vision Fund pared its holding to 16%.

Paytm lost more than 27% on its debut, the biggest listing-day drop in Indian IPO history at the time.

TATA CAPITAL

The Tata Group's financial services arm TATC.NS raised 155 billion Indian rupees in October 2025, with Tata Sons and IFC among those selling in the offer for sale component alongside a fresh issue. The IPO was the largest-ever by a non-banking financial company in India.

The shares listed at a slight premium of 1.23%.

LG ELECTRONICS INDIA

South Korean parent LG Electronics 066570.KS offloaded a 15% stake in its Indian unit LGEL.NS, a maker of refrigerators, washing machines, air conditioners and televisions, in a pure offer for sale issue, netting 116 billion Indian rupees in October 2025.

The IPO was oversubscribed 54 times - the most heavily subscribed major Indian IPO since Reliance Power's listing in 2008 - attracting bids worth about 4.4 trillion rupees.

LG's shares surged 50% on their first day of trading, valuing the unit higher than its Seoul-based parent.

($1 = 94.3800 Indian rupees)

(Reporting by Vibhuti Sharma and Jayshree P. Upadhyay in Mumbai; Editing by Aditya Kalra, Kate Mayberry and Kevin Buckland)

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May 27 (Reuters) - LG Electronics India Ltd LGEL.NS:

• LG ELECTRONICS INDIA LTD - GETS TAX DEMAND OF 1.17 BILLION RUPEES INCLUDING PENALTY

Source text: [ID:]

Further company coverage: LGEL.NS

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** Shares of LG Electronics India LGEL.NS fall 3.5% to 1,476.60 rupees

** LGEL saw higher commodity prices and a weak rupee in Q4, which caused EBITDA to fall 9.8% to 9.45 billion rupees

** "We expect further pressure on margins in Q1 due to higher commodity costs linked to Iran war", said Harshit Kapadia, analyst at Elara Capital adding that inflation risks can also hit discretionary spending

**Profit dropped 8% for Q4, while AC and home appliances demand powered 8% growth in overall revenue

** Executives told Reuters in an interview that co expects fiscal 2027 revenue growth in the mid-teen percentage range, after reporting a 1% rise y/y

** They said co is stepping up domestic production and sourcing to mitigate geopolitical and cost risks

** LGEL rated "buy" on average by 25 brokerage firms, median PT is 1,780 rupees - data compiled by LSEG

** LGEL turns negative YTD, down ~3%

(Reporting by Urvi Dugar in Bengaluru)

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May 21 (Reuters) - LG Electronics India Ltd LGEL.NS:

• Q4 YOY MARGINS IMPACTED BY RUPEE DEPRECIATION,ELEVATED COMMODITY PRICES

Source text: ID:nBSE9GQsQ0

Further company coverage: LGEL.NS

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April 9 (Reuters) - JOJO Ltd JOJO.BO:

• JOJO LTD- ENTERED INTO STRATEGIC PARTNERSHIP WITH LG ELECTRONICS INDIA LIMITED

Source text: ID:nnAZN4SPW38

Further company coverage: JOJO.BO

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April 2 (Reuters) - LG Electronics India Ltd LGEL.NS:

• LG ELECTRONICS INDIA LTD - HITS 1 MILLION+ AC SALES IN Q1 CY26

Further company coverage: LGEL.NS

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March 25 (Reuters) - LG Electronics India Ltd LGEL.NS:

• LG ELECTRONICS INDIA - MANUFACTURING PLANTS ACCELERATE TRANSITION TO RENEWABLE ENERGY WITH SOLAR PPAS

• LG ELECTRONICS INDIA - SIGNED LONG-TERM SOLAR PPAS WITH HINDUJA RENEWABLES ENERGY

Source text: [ID:]

Further company coverage: LGEL.NS

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Adds details on structure, background in paragraphs 6-7, 13-16

By Vibhuti Sharma, Jayshree P Upadhyay and Aditya Kalra

MUMBAI, March 18 (Reuters) - Indian billionaire Mukesh Ambani's Reliance Jio Platforms has hired 17 banks to manage its Mumbai stock listing, which will see the company raise no new funds and allow exits for some shareholders, four sources familiar with the matter said.

The IPO will be executed as a so-called "offer for sale" in India, three of the sources said, where only existing shareholders sell their shares to the public.

Reliance did not respond to Reuters queries.

"We don't need new money," said one of the sources, explaining the decision not to raise funds from the IPO.

Over the past six years, Jio has diversified into AI and raised funds from investors including KKR KKR.N, General Atlantic, Silver Lake and the Abu Dhabi Investment Authority.

The offer-for-sale route is increasingly becoming a lucrative exit route for global investors and how large IPOs are executed in India. Other recent IPOs via this route included the 2024 listing of Hyundai Motor HYUN.NS and LG Electronics India LGEL.NS in 2025.

In November, investment bank Jefferies estimated that Reliance Jio's valuation stood at $180 billion.

LONG LIST OF INVESTMENT BANKS

The hiring of banks brings the parent of India's largest telecom operator Reliance Jio, with over 500 million users, closer to being possibly the country's largest IPO worth more than $4 billion.

Jio's roster of 17 advisors includes Wall Street giants Citigroup C.N and JPMorgan JPM.N, and Indian investment banks Axis Capital, ICICI Securities, IIFL IIFL.NS, and Kotak Mahindra Capital, said two of the sources, who added that the plan is to file for regulatory approval this month.

Other banks on the list include the securities arms of Goldman Sachs GS.N, Morgan Stanley MS.N and Bank of America BAC.N, they added.

Goldman Sachs and Bank of America declined to comment. The other investment banks did not respond to requests for comment.

The news on hiring of banks and prospectus filing timeline for Jio's listing come as the Mideast conflict has cast a cloud over global capital market deals, with a handful getting pulled.

Strong IPO momentum in India, however, seems intact with the largest exchange operator, the National Stock Exchange of India, saying last week it had hired 20 banks to manage its IPO.

It's not unusual for a large number of banks to vie for a mandate and get hired for large equity public offerings of private enterprises, as they compete for league table credit in a market where deals exceeding a billion dollars are rare.

In the country's largest-ever IPO mandate, 18 investment banks were involved in the public offering of shares by asset manager ICICI Prudential AMC in 2025, which saw a share sale of $1.2 billion.

(Reporting by Vibhuti Sharma and Jayshree P Upadhyay in Mumbai and Aditya Kalra in Delhi; Editing by Sumeet Chatterjee, Joe Bavier and Bernadette Baum)

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March 11 (Reuters) - LG Electronics India Ltd LGEL.NS:

• GOT ORDER RAISING TAX DEMAND OF 79.8 MILLION RUPEES

Source text: ID:nNSE31qYTz

Further company coverage: LGEL.NS

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** India's stock benchmarks Nifty 50 .NSEI and Sensex .BSESN slip 0.5% each, dragged by IT stocks on fading hopes of near-term U.S. rate cuts and fears over AI-led disruption

** Twelve of 16 sectors fall; the IT index .NIFTYIT sinks 4.6%

** IT is down 11.6% so far in 2026 after sliding 12.6% in 2025

** Stronger U.S. jobs data in January dents expectations of near-term rate cuts, pressuring U.S.-exposed Indian IT

** Also dims outlook for discretionary U.S. tech spending over next few quarters

** Small- .NIFSMCP100 and mid-caps .NIFMDCP100 each ease 0.8% as risk-off tone broadens

** Elsewhere in Asia, technology stocks rise, led by semiconductor and hardware names such as Samsung 005930.KS and SK Hynix 000660.KS

** "The chip-heavy Asia trade is humming, but Indian IT is stuck in the crosswinds of rates and AI," says Kranthi Bathini, Wealthmills Securities

** Hindustan Unilever HLL.NS drops 3%, LG Electronics India LGEL.NS slides 3.6% on earnings slump

(Reporting by Bharath Rajeswaran in Bengaluru)

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Feb 11 (Reuters) - Appliance and consumer goods maker, LG Electronics India LGEL.NS reported a near 62% decline in third-quarter profit on Wednesday.

The Indian unit of South Korea's LG Electronics 066570.KS posted a standalone profit of 896.7 million rupees ($9.89 million) for the quarter ended December 31, down from 2.33 billion rupees a year earlier.

($1 = 90.6910 Indian rupees)

(Reporting by Nishit Navin and Urvi Dugar in Bengaluru)

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The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, Feb 10 (Reuters Breakingviews) - A record run of listings is doing little to shore up investment banking fortunes in India. Citi and JPMorgan passed up working on a $1.4 billion float last month by SBI Funds Management, India's largest asset manager, after the issuer set fees at 0.01% of the issue size, Bloomberg reported citing sources. Such state-backed issuers are usually stingy but the hottest private issuers in 2026 are likely to offer slim pickings too.

Fees are growing but remain well short of desirable levels. Net revenue from India's $23 billion of initial public offerings amounted to 1.7% of proceeds in 2025, up from 1.4% a year earlier, Dealogic data show. Underwriters in the U.S. typically command between 4% and 7%.

And while India is now delivering a consistent pipeline of sizeable deals, extracting the measly fees on offer is painful. ICICI Prudential Asset Management's IICL.NS $1.4 billion offering in December was shepherded by 18 banks.

Fees also are increasingly split into equal fixed and variable components tied to the quality of investors a bank brings to a transaction. Roughly one-fifth of the total payout is reserved as a discretionary bonus issuers can choose to hold back. In practice, robust demand for Indian stock means these incentives and bonuses are mostly paid but they suck up time to negotiate.

Firms working on prospective blockbuster deals - such as Reliance Industries' RELI.NS planned offering of Jio Platforms, handled by Morgan Stanley and Kotak Mahindra Bank, per a Reuters report, and National Stock Exchange - won't be spoilt for riches either.

Choosing deals well can be rewarding. Foreigners remain among the few willing to pay for advice. IT exporter Hexaware Technologies HEXW.NS, acquired by global private equity firm Carlyle CG.O in 2021, paid 2.5% to Kotak and Citi for its $1 billion listing, for example. Mandates on the Indian listings of multinationals' local subsidiaries, such as Hyundai Motor India HYUN.NS and LG Electronics India LGEL.NS, have been lucrative too.

Those fees, though, are unlikely to push much higher if the rest of the market is stingy.

Follow Shritama Bose on LinkedIn and X.

CONTEXT NEWS

Citi and JPMorgan pulled out of a planned $1.4 billion initial public offering by SBI Funds Management over low fees, Bloomberg reported on January 7, citing unnamed people familiar with the matter. SBI Funds later replaced Citi with Jefferies, the report added. Sellers State Bank of India and France’s Amundi offered fees of about 0.01% of the issue size after some domestic advisers quoted only a token fee for the mandate, the report said.

(Additional reporting by Aditya Srivastav; Editing by Una Galani; Production by Aditya Srivastav)

((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))

By Praveen Paramasivam

Feb 5 (Reuters) - India's Voltas VOLT.NS expects a double-digit revenue growth in its room air conditioner business this summer, betting on first-time buyers to lead a rebound in demand after a subdued season last year, according to a senior company executive.

Industry estimates show only a tenth of Indian households own an AC, compared to two-thirds in China and one-third in Thailand, even as the world's most populous country frequently grapples with heat waves.

"Research shows 85% of buyers are first-time buyers," Jayant Balan, who heads Voltas' room AC business, told Reuters in an interview on Wednesday, adding the category's revenue will grow in the double-digit percentage range in the April–June quarter.

Revenue from Voltas' business group that sells room ACs and accounts for two-thirds of overall revenue slumped 25% in April-June 2025 due to early monsoon showers and milder summer temperatures. The firm booked 154.13 billion rupees ($1.7 billion) in total revenue in 2024-25.

Voltas, India's AC market leader with nearly an 18% share, competes with local rival Blue Star BLUS.NS, Japan's Daikin Industries 6367.T and South Korea's LG Electronics LGEL.NS.

ACs are likely to get more expensive this year despite September's consumption tax cuts, as Voltas has raised prices after new energy-efficiency norms took effect, and as soaring copper and silver prices lift input costs.

Further commodity inflation could trigger additional price increases, Balan said.

U.S. President Donald Trump announced a trade deal with India on Monday to cut tariffs to 18% from 50% in exchange for New Delhi halting Russian oil purchases and lowering trade barriers, including on U.S. industrial goods.

It came days after India's trade deal with the European Union, opening the door to freer trade with its 27 members.

Balan dismissed concerns over new entrants, saying Voltas already contends with more cost-competitive rivals.

Voltas is also looking to quickly expand its small export footprint, with its research and development teams developing products for overseas markets, as Europe increasingly adopts ACs.

($1 = 90.3700 Indian rupees)

(Reporting by Praveen Paramasivam in Chennai; Editing by Rashmi Aich)

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Jan 20 (Reuters) - LG Electronics India Ltd LGEL.NS:

• LG ELECTRONICS INDIA - NO DEMAND OF 119.2 MILLION RUPEES DIFFERENTIAL DUTY ON CO

Source text: ID:nBSE2jN46W

Further company coverage: LGEL.NS

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Jan 5 (Reuters) - LG Electronics India Ltd LGEL.NS:

• SIGNS ADVANCE PRICING AGREEMENT WITH CBDT

• CONTINGENT LIABILITIES OF 1.72 BILLION RUPEES TO BECOME NIL

• TO PAY 38.59 MILLION RUPEES TO LG ELECTRONICS INC

• ROYALTY PAYMENT CONTINGENCY OF 3.15 BILLION RUPEES TO BECOME NIL

Source text: ID:nBSE2spLph

Further company coverage: LGEL.NS

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** LG Electronics India LGEL.NS drops 1.4% to 1,577.60 rupees

** Kotak Institutional Equities starts with "reduce" and Street-low PT of 1,600 rupees

** Says stock fairly valued; prices in 10% compounded growth of revenue, EPS between FY25 and FY28

** Kotak's rating equivalent to "sell"; stock rated "strong buy" on avg, per data compiled by LSEG

** Stock trading 8% below IPO issue price of 1,710 rupees since listing in mid October

(Reporting by Nandan Mandayam in Bengaluru)

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Adds context in paragraph 5, minor changes throughout

By Vivek Kumar M

Nov 12 (Reuters) - Shares of Billionbrains Garage Ventures BILO.NS, parent of online brokerage Groww, jumped 24% in their market debut on Wednesday, valuing the firm at 761 billion rupees ($8.6 billion) as investors bet on India's retail investing boom after a run of weak listings.

The stock opened at 112 rupees on the National Stock Exchange (NSE) and climbed to 124 rupees, well above its 100-rupee issue price in a $754 million IPO.

The debut valued Groww above listed peers Motilal Oswal Financial Services MOFS.NS and Angel One ANGO.NS, and offered relief to IPO investors after subdued market entries from Lenskart Solutions LENS.NS, Orkla India ORKL.NS, and Studds Accessories STUS.NS earlier this month.

"Groww represents a strong long-term structural story and can act as a proxy for India's expanding capital market participation," said Prashanth Tapse, senior vice-president of research at Mehta Equities.

India's NSE has been adding about 10 million registered investors every six to seven months since March 2021, taking its total investor base to 120 million as of September, the country's largest bourse said.

Groww's listing comes amid a flurry of IPOs in India, where over 300 companies have raised $16.55 billion so far in 2025, according to LSEG data. The country’s primary market is on track to surpass last year's record $20.5 billion, led by big-ticket listings from Tata Capital TATC.NS, LG Electronics India LGEL.NS, and HDB Financial Services HDBF.NS.

Founded in 2016, Groww is among the country's largest online investment platforms, offering trading in equities, mutual funds, and fixed-income products.

Still, some analysts warned that much of the near-term optimism may already be priced in. "The current valuations seem to fully capture the short-term growth prospects, and investors should watch out for a couple of quarterly earnings before making further investment decisions," said Kranthi Bathini, director of equity strategy at WealthMills Securities.

($1 = 87.8950 Indian rupees)

(Reporting by Vivek Kumar M in Bengaluru; Editing by Rashmi Aich and Nivedita Bhattacharjee)

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Nov 1 (Reuters) - Indian fintech firm Pine Labs has cut the size of its initial public offering, trimming by 44% the portion offered by existing investors and by 20% the new shares issued to raise funds, an updated prospectus showed.

The IPO, scheduled for November 7 to November 11, joins a wave of listings in a busy primary market. A provider of payment solutions such as point-of-sale terminals, Pine Labs competes with firms such as Paytm PAYT.NS and Walmart-owned PhonePe.

Existing investors, such as Peak XV Partners, PayPal and Mastercard, will now look to sell a total of 82.3 million shares, down from the 147.8 million planned in June's draft prospectus.

The company is also looking to raise 20.8 billion rupees ($236.65 million), down from 26 billion ($295.81 million) in June, its October 31 prospectus showed.

Indian regulations let companies modify their IPO size to a certain extent after they file draft papers.

Reuters could not immediately determine why Pine Labs trimmed its offer, and its expected valuation after the IPO.

The company was eyeing a $6-billion valuation at the time of the June filing, sources had told Reuters.

Pine Labs did not immediately respond to a Reuters query.

The updated prospectus shows Peak XV will aim to sell 23 million shares, while PayPal PYPL.O and Mastercard MA.N plan to dispose of 6.7 million and 5.9 million, respectively.

London-based private equity firm Actis and Singapore-based Temasek are also among the investors paring their stakes.

India is the third-largest IPO venue this year, expected to exceed a record of $20.5 billion in funds raised in 2024 amid blockbuster listings by companies such as LG Electronics India LGEL.NS.

Share sales by other tech-driven firms such as Groww, Lenskart, and boAt are also in the pipeline.

Pine Labs reported a profit of 261.44 million rupees for the nine months ended December 2024, off revenue of 12.08 billion.

($1=87.8950 rupees)

(Reporting by Vivek Kumar M and Ashwin Manikandan; Editing by Clarence Fernandez)

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Updates stock price in paragraph 2, adds details throughout

By Vivek Kumar M

Oct 17 (Reuters) - India's Canara HSBC Life Insurance CANR.NS made a muted debut on the bourses on Friday, as unappealing pricing and a crowded IPO market clouded the insurer's prospects.

Its stock was trading at 108.9 rupees, as of 10:50 a.m. IST, up 2.7% from its issue and listing price of 106 rupees, yielding the insurer a valuation of 105.15 billion rupees ($1.20 billion).

Peers SBI Life Insurance SBIL.NS and HDFC Life Insurance HDFL.NS are valued around $21 billion and $18 billion, respectively.

Canara HSBC Life Insurance, which is a joint venture between Canara Bank and HSBC Insurance (Asia-Pacific) Holdings, struggled to garner bids from retail and non-institutional investors earlier this week.

Retail investors subscribed 42% of their quota, while high-net-worth individuals subscribed a third of their shares in the $283 million IPO.

Thanks to qualified institutional buyers, the issue was subscribed 2.29 times, which was still lower than most other IPOs that opened in the last couple of weeks.

For instance, another Canara Bank-promoted entity, Canara Robeco Asset Management CANE.NS, received bids worth nearly 10-fold and closed 13% higher in its debut on Thursday.

Choice Broking said the insurer's valuation appeared to be fully priced, with price-to-enterprise value multiple, a stock valuation metric, of 1.6x, while industry averaged 2.4x.

"High dependence on bancassurance (where banks sell insurance) and relatively lower VNB (value of new business) margins compared to peers is expected to keep valuation multiples at a discount to peers," ICICI Direct said.

The insurer got 87% of its new business premium in fiscal year 2024-25 through bancassurance, with Canara Bank contributing 70.6% of this.

The listing caps a busy week for the Indian IPO market, which saw five stock debuts, including a blockbuster listing from LG Electronics India LGEL.NS and a muted start from the country's largest IPO of the year, Tata Capital TATC.NS. ($1 = 87.8387 Indian rupees)

(Reporting by Vivek Kumar M; Editing by Sumana Nandy and Harikrishnan Nair)

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Updates shares level, adds details, background from paragraph 2 onwards

Oct 16 (Reuters) - Indian asset manager Canara Robeco's CANE.NS shares jumped 13% in their trading debut on the National Stock Exchange on Thursday, valuing the company at around 60 billion rupees ($681.42 million).

The Mumbai-based firm's stock rose to 302 rupees, above the 266 rupee issue price.

The listing follows its nearly $150 million IPO that was subscribed about 10-fold earlier this week.

It is a busy week for India's primary market, as the country's largest IPO of the year Tata Capital TATC.NS, and LG Electronics India LGEL.NS also made their debut.

Canara Robeco's IPO was led by a strong demand from qualified institutional buyers, who subscribed 26-fold their reserved quota. In comparison, retail investors' portion was subscribed two-fold.

Brokerages PL Capital and InCred Equities are bullish on the asset manager's growth potential on the back of strong retail flows into mutual funds, a focus on active equity funds, and room for earnings growth.

PL Capital initiated coverage on the stock with a 'buy' rating and a price target of 320 rupees per share, an upside of 20.3% from the issue price.

Canara Robeco is the first public debut by an Indian asset manager this year, adding to the growing list of financial services firms tapping the capital markets. ICICI Prudential AMC IICL.NS is expected to later this year.

Canara Robeco, which is a joint venture between India's Canara Bank CNBK.NS and the European arm of Japan's ORIX 8591.T, is the smallest among its listed peers in terms of revenue, which include HDFC AMC HDFA.NS, Nippon Life India AMC NIPF.NS and UTI AMC UTIA.NS.

Unlike its peers, the over-30-year-old asset management company's portfolio is largely focused on equities, with a predominantly retail investor base.

($1 = 88.3175 Indian rupees)

($1 = 87.8310 Indian rupees)

(Reporting by Yagnoseni Das in Bengaluru; Editing by Harikrishnan Nair)

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** LG Electronics India LGEL.NS surges 50.4% in trading debut; co valued at $13.07 bln

** Stock NSE open at 1,710 rupees vs issue price of 1,140 rupees

** Prabhudas Lilladher starts coverage with "buy" rating; PT of 1,780 rupees

** Says co's extensive distribution network, premium brand positioning ensures market leadership across categories

** Sees FY25–28 revenue, EBITDA, profit to grow at 9.9%, 10.9%, and 9.3%, led by capacity additions, AMC and B2B expansion, local sourcing push

** Co’s $1.3-billion IPO was fully subscribed; drawing $50 bln in bids

** In comparison, Tata CapitalTATC.NS, opened at 330 rupees, a 1.2% premium to $1.75 billion IPO issue price, on Monday and stayed muted through the day

(Reporting by Yagnoseni Das in Bengaluru)

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Add details from paragraph 3

By Vivek Kumar M and Yagnoseni Das

Oct 13 (Reuters) - Tata Capital TATC.NS, India's third-largest non-bank lender by revenue, was muted in its debut trade on Monday, valuing the firm at 1.4 trillion rupees ($15.78 billion), with investors seemingly not that keen on the first listing by the storied Tata Group in nearly two years.

Tata Capital's subdued debut has come in a busy IPO market, where analysts say investors appear to be favouring LG Electronics India's LGEL.NS $1.3-billion share sale as they expect stronger listing gains and near-term growth, helped by recent tax cuts.

As of 10:57 am, Tata Capital shares traded at 329.8 rupees, slightly higher than their offer price of 326 rupees. Its market capitalization at the current price trails Bajaj Finance BJFN.NS and Jio Financial Services >, which are valued at $72 billion and $22 billion, respectively.

Tata Capital's IPO was fairly priced but the lack of a major valuation discount to its listed peers was one of the key factors for the tepid response, said Ambareesh Baliga, an independent market analyst.

"This is probably the first time we have seen such muted demand for an IPO from Tata Group," Baliga said.

Strong interest in LG Electronics India's IPO and negative news surrounding the Tata Group, including boardroom turmoil, also weighed on demand for Tata Capital's share sale, said Dhiraj Relli, CEO at HDFC Securities.

Last week, while Tata Capital got bids worth $2.9 billion for its IPO, LG Electronics India's public issue, which opened a day later, received nearly $50 billion worth of bids.

LG will start trading on October 14, while WeWork India, which made its debut last week, fell as much as 5.2% as investors stayed wary of its steep valuation and governance risks.

The last IPO from the salt-to-software Tata Group was by engineering and technology services provider Tata Technologies TATE.NS in November 2023, which listed at a premium of 140% to its issue price.

($1 = 88.7420 Indian rupees)

(Reporting by Yagnoseni Das and Vivek Kumar M in Bengaluru; Editing by Sonia Cheema)

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